From XMBdocs

Delete Thread - Delete the thread and all posts within it
Close Thread - Close the thread, disabling posting for all members except Super Administrators. This tool can also be used to Open the thread again.
Move Thread - Move the thread to another forum, with the option of leaving a redirect in its old location.
Top Thread - This pins the thread to the top of the forum, meaning it cannot move down the forum under other topics.
Split Thread - This takes a selected amount of posts in a thread and places them into another new topic.
Merge Thread - This takes two threads and combines all their posts together into one thread.
Bump Thread - This "bumps" the thread to the top of the forum, like Top Thread, except it can be overtaken by other threads again.
Copy Thread - This will copy the thread to a new forum, thus leaving the original thread in place.
Prune Thread - This allows you to remove a certain amount of posts from a thread.
Empty Thread - This allows you to remove all replies made by users, leaving only the initial post

Moderators and other members of higher rank can also edit posts. However, a user cannot edit a post of a user who has a higher rank, for example: A Super Moderator cannot edit the post of a Administrator. This setting can be altered by going to the Settings section of the Administration Panel and changing the setting "Allow Rank Editing?".